Buy to Let Mortgage - Non-Regulated Product

[newbie99]

Does anyone knows what the above means. The product was offered by the estate agent was told that all Buy to Let mortgage is not regulated by the FSA.

Does anyone knows if this is true? Because we felt its a risk to borrow from someone that is not regulated by a governing body.

Thanks for any thougths/reply.

[Ethel]

Be aware that, unlike the rest of the mortgage market, buy-to-let mortgages are not regulated by the Financial Services Authority, the City watchdog. You borrow at your own risk

From this site:

http://money.uk.msn.com/Mortgages/Insight/Deci sion_centre/Buy_To_Let/article.aspx?cp-documen tid=143734

[Im a BusyBee]

I always secure my mortgages on my own property for buy to let purposes (assuming you are able) better interest rate and interest can still be offset for tax purposes

[Oneeyedvic]

Even if you went to a person who was regulated by the FSA, the product they are selling (BTL) is not regulated - so you wouldn't be covered anyway.